Fiscal management of grants, contracts, and other funding agreements is the responsibility of the principal investigator (PI) or project director (PD) and the administering unit. The DANR Office of Contracts & Grants (OCG) can provide liaison services with funding agencies.
A new award is the original award of funds.
An amendment to the award alters one or more terms of the award.
A continuation award obligates funds for a subsequent budget period within an existing project period.
A supplement adds funding to an existing budget period for additional work or costs not anticipated in the original proposal or award.
A renewal or competing continuation award provides funds for the extension of a project beyond the original project period.
If the award document is delayed but the agency's decision to fund can be confirmed, the PI or PD may ask the Regional Director and the Office of Contracts and Grants to approve an advance expenditure authorization (called a "fund advance"). A fund advance directs Accounting Services to set up an account before the award document arrives and allows costs to be incurred before the contract is fully executed. The Request for Advance Expenditure Authorization form is available in WordPerfect and Word.
Some funding agencies require the grantee institution to demonstrate its financial commitment to the project, or the commitment of other funding sources, by sharing the project costs. Cost sharing funds may come from an outside source in the form of cash contributions, volunteer services, or donated property; from the University's own funds (e.g., personnel effort without salary recovery); or from shared resources or facilities. If the award is federal, only acceptable non-federal costs qualify as cost sharing.
Change in Principal Investigator or Scope of WorkVirtually all funding agencies require that approval to change a PI or to make substantial changes to the project work be requested in writing and in advance. Submit such requests to the OCG to be forwarded, with countersignature, to the agency.
Accounting Services prepares monthly and final expenditure reports that must be reconciled by the administering department or regional office. After-the-fact cost transfers must be properly documented. Most funding agencies require a final financial report from Accounting Services within 90 days of project termination.
ome funding agencies allow unobligated funds from one budget period to be carried forward into the next budget period. Often, the PI or PD must ask the funding agency's permission. The award document and OCG staff can help interpret whether agency permission is needed to carry forward unspent funds.
Rebudgeting, or changing the way award funds are spent, may require prior approval by the funding agency. Approval to rebudget, if required, must be requested of the agency in writing with the countersignature of the OCG. The award document and OCG staff can help interpret whether agency permission is needed to rebudget.A no-cost extension is an extension of the project period without additional funding. If the project is not completed and awarded funds remain unspent towards the end of a project period, many funding agencies will allow the PI or PD to request more time to complete the work while spending remaining funds. Often a no-cost extension must be requested of the funding agency in writing, with OCG countersignature, well before the existing project period end date.